How do you manage the resource allocation and optimization of a program?

1 Define the program scope and objectives

The first step to manage the resource allocation and optimization of a program is to clearly define the program scope and objectives. This will help you identify the key deliverables, dependencies, risks, and assumptions of the program, as well as the expected benefits and value for the stakeholders. By defining the program scope and objectives, you can also establish the criteria and metrics to measure the program performance and progress.

2 Identify the resource requirements and availability

The next step is to identify the resource requirements and availability for the program. This involves estimating the type, quantity, quality, and duration of the resources needed to complete the program deliverables, such as human, financial, material, equipment, and information resources. You also need to assess the availability and capacity of the resources, taking into account the existing commitments, constraints, and conflicts that may affect the resource allocation. By identifying the resource requirements and availability, you can determine the resource gaps and surpluses, as well as the resource dependencies and trade-offs.

3 Develop a resource management plan

The third step in developing a program is to create a resource management plan, which outlines how resources will be acquired, allocated, optimized, monitored, and controlled. This document should include a resource breakdown structure (RBS) that presents resources by category and type. Additionally, it should feature a resource allocation matrix (RAM) that illustrates the allocation of resources to each program component or activity. Moreover, the plan should incorporate a resource optimization technique to adjust the resource allocation and reach the optimal balance between the demand and supply. Finally, it should include a resource monitoring and control process with procedures and tools to track utilization, performance, and issues as well as make corrective actions or changes when necessary.

4 Communicate and coordinate with stakeholders

The fourth step is to communicate and coordinate with the stakeholders of the program, especially the project managers, sponsors, and resource owners. This is essential to ensure that the resource allocation and optimization of the program are aligned with the expectations, needs, and priorities of the stakeholders, as well as to resolve any resource conflicts or issues that may arise. You should communicate and coordinate with the stakeholders regularly and transparently, using appropriate channels and formats, such as meetings, reports, dashboards, or feedback mechanisms.

5 Review and update the resource management plan

The final step is to review and update the resource management plan periodically and as necessary, based on the changes in the program scope, objectives, deliverables, or environment. This will help you maintain the relevance, accuracy, and effectiveness of the resource allocation and optimization of the program, as well as to identify and address any resource risks or opportunities that may emerge. You should also review and update the resource management plan in alignment with the program governance and change management processes, as well as the stakeholder expectations and feedback.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?